Comparison of Economic and Education Development in Singapore and South Korea

Abstract

This analysis addresses the developing environment backed by rapidly growing higher education in two countries, South Korea (Korea for short) and Singapore, in which education has roots in Confucianism. The focus lies on the analysis and comparison of the economic development in these two newly industrialized countries (NIC), the progressive changes in research and development and their unique ways towards the establishment of knowledge-based economy. Both countries inherited a poor economic environment after gaining full independence but achieved rapid economic growth. Recently, both countries have been driven by the desire to take a leading role in creating knowledge-based economy, to build competitive advantage within the region and to sustain their high levels of development. Consequently, the governments had great ambitions to invest in research and development. Through the analysis of the development the article aims to reveal comparison of development stages concerning both economy and education with their outcomes and most recent challenges.